Risk

Facility N.B. depopulation ahead of schedule

The Facility Association (FA) is celebrating early success in its goal to depopulate the New Brunswick pool for high-risk drivers, having reduced market share to 2.5% in just two months.”While the May numbers are early projections, I’m thrilled to see our market share shrink continuously on a monthly basis,” says FA CEO David Simpson. “These […]

By Canadian Underwriter | May 26, 2004

1 min read

Risk

26% of companies target of employee lawsuit: Chubb

One-in-four privately held companies has been the target of an employee lawsuit in the past few years, according to a new study by New Jersey-based Chubb Group.In fact, 44% of the companies surveyed said they expect to be the target of such a suit this year, suggests data from the Chubb 2004 Private Company Risk […]

By Canadian Underwriter | May 25, 2004

2 min read

Risk

European reinsurer results dragged down by investment weakness in 2004: Benfield

Despite strong premium growth, many European reinsurers saw their results dragged by a lackluster investment environment, says a report by reinsurance broker Benfield Group.In the yearend review, “Impairment Drag”, Benfield notes, “The favorable trends in pricing and terms noted through 2003 persisted in the January 2004 renewals, with most companies taking the opportunity to increase […]

By Canadian Underwriter | May 20, 2004

2 min read

Risk

Odyssey Re rating set for upgrade; Fairmont Specialty receives initial review

Two Fairfax operations are under the eye of rating agencies, with one set for possible upgrade.Odyssey Re’s operations may see its financial strength rating upgraded by Moody’s Investors Service on the back of strong first quarter results. Moody’s says it will review the company’s future earnings prospects, reserve adequacy, reinsurance recoverables, capitalization and the liquidity […]

By Canadian Underwriter | May 20, 2004

2 min read

ING ratings affirmed on combined investment and underwriting strength

The “A+” (excellent) financial strength rating of ING Canada Group has been affirmed by A.M. Best, on the back of strong underwriting and investment performance.ING Canada includes Belair Insurance Co., ING Insurance Co., ING Novex and Nordic Insurance Co. The group rating has a stable outlook.Despite ING’s exposure to the troubled auto line, specifically in […]

1 min read

What’s new: In brief (May 16, 2004)

Insurance Technology Advisors Ltd. (ITA) has been retained by two Canadian technology firms to conduct market research on p&c insurers Companies participating in the research will also receive an executive report on overall IT trends for the industry. The study will address: IT deployment, vendor management issues, functional areas of interest and IT risk management […]

1 min read

PACICC to meet insolvency threat head-on

In an era of insurer financial instability, the Property & Casualty Insurance Compensation Corp. (PACICC) is ready to step beyond its role as a compensation mechanism for policyholders of defunct insurers, to take a more proactive approach to insolvency.While 2003 saw just one p&c insurer go into liquidation in Canada the Canadian branch of Home […]

2 min read

RIMS: Risk managers comment on “excellence”

In light of the shift in risk management focus away from insurance-buying and toward loss control, risk managers need to look at their own role within the corporation, according to a survey by the Risk & Insurance Management Society (RIMS) and Marsh. The “Excellence in Risk Management” study highlights three paths risk managers can follow […]

1 min read

FSA sets out Lloyd’s regulation proposals

The U.K.’s regulator, the Financial Services Authority (FSA) has set out proposals for the regulation of Lloyd’s, including capital requirements for managing agents.The FSA says the capital requirements will be similar to those set out for other general insurers. Senior management of the Society of Lloyd’s will continue to be responsible for the capital adequacy […]

1 min read

Vicarious Conclusion

The recent conclusion of a Supreme Court of Canada case involving "John Doe vs. Bennett" has provided dramatic clarification of the law as it applies to vicarious claims made against the church and other not-for-profit organizations. Will this legal outcome undermine the social role of churches and charity organizations in Canada?

April 30, 2004

8 min read